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Key facts about Global Renewal Energy:

• Capacity continues to increase as investment are at record high in 2019
  • Total investment over $282 billion in 2019, up 1% from 2018
  • China topped the table with $83 billion investment in renewables, followed by U.S. with over $55 billion
  • Renewable energy accounted for 72% of all new capacity globally. Solar wind contributed 90% of the total renewable capacity added

• United States making remarkable growth in renewable energy and installed capacity
  • For the first time on a quarterly basis in Q12020, the U.S. renewable generation has surpassed coal generation
  • As of April 2018, total installed generating capacity for renewal energy, had gone passed that of coal for the first time  

Electric Vehicle is a boon for Renewable Energy and is poised to grow significantly

• Over $350 billion investments by automakers in electric vehicle resulting in dramatic growth
• It would account for ~50% of new passenger vehicle sales by 2040

Annual Renewable Electricity Generation, by Source, 2018-2020 (%)

Source: Pukka Partners Analysis, iea.org

“Energy is both a facilitator and a barrier to long-term growth. It fuels our economies, feeds billions of people through agriculture, runs desalination plants in countries where water is scarce, and keeps our homes cool or warm. Energy is important for human development because it allows people to work longer hours, students to read longer books, and doctors to use more devices in their hospitals.”

As a result, there are two big energy issues to overcome in order to achieve sustainable development: energy poverty and climate change. More than 3 billion people still do not have access to clean cookstoves and rely on dirty fuels like charcoal and wood. Every year, indoor air pollution caused by the combustion of these fuels kills an estimated four million people. On the issue of climate change, significant efforts are needed to fully realise the potential of renewable energy and energy efficiency in order to achieve the carbon dioxide emission reductions required to fulfil the targets of sustainable energy production.

The lack of consensus among governments was one of the obstacles to progress on sustainable energy. Many developing countries demanded that energy access should come first, with technology selection coming second. Many fossil fuel producers did not want to promote a move away from fossil fuels because it would damage their economies. Others, such as small island developing states (SIDS), were concerned about climate change and advocated for a focus on renewable energy and emissions reductions.

What is energy crisis?

The energy crisis is caused by the impending end of the oil, gas, and coal cycles, which have also resulted in a significant rise in greenhouse gas emissions (GHG). Many scientists have raised their voices in recent years to warn about climate change, which is mostly caused by the burning of oil and coal for electricity.

What are the causes of energy crisis?

Global energy demand is rising, and fossil fuels will become scarce in the coming decades. As a result, reserve availability is a major source of concern.

EXCESSIVE CONSUMPTION

Non-renewable energy sources such as oil, gas, coal, and uranium are used almost exclusively in our current consumption model. Oil would be the first fossil fuel to run out at the present rate of consumption. According to estimates, proven conventional oil reserves will last between 40 and 60 years. Natural gas reserves could last for 70 years. There will be enough coal reserves to last two centuries.

OVERCROWDING

These figures must be viewed in context since they are focused on current consumption, which is expected to rise dramatically. The demographic - the world's population is expected to hit nearly 10 billion people in 2050 - and economic boom of developing areas are amplifying energy demands and will continue to do so. According to the International Energy Agency (IEA), if no public policies are implemented, global energy demand could rise by more than 50% by 2030.

OBSOLETE INFRASTRUCTURE

The weak infrastructure of power generation equipment is another cause of energy shortages and scarcity. The majority of energy-producing firms continue to use obsolete equipment, which restricts energy output. It is important to update the infrastructure and set a high-performance standard.

WASTE OF ENERGY

Energy waste refers to the wastage of energy sources, particularly fuels and electricity, that results primarily from the inefficient use of energy resources. As a result, waste reduction is a massive source of energy savings that necessitates both individual and collective efforts.

ENVIRONMENTAL PROBLEMS

The widespread use of conventional energy sources results in a rise in greenhouse gas emissions, such as carbon dioxide (CO2), causing global warming and damaging the atmosphere and biodiversity, among other things. As a result, the energy and environmental crises are inextricably related.

ECONOMIC AND SOCIO-POLITICAL CONSIDERATIONS

One of the key issues of the world's major economic centres is energy efficiency. Power, in reality, is a prerequisite for growth, which is critical to the market economy and its development model. As a result, the oil crisis may have a major effect on the global economy. Furthermore, when energy markets collapse, a shortage of energy occurs. Energy shortages, as well as the economic factors that result from them, can cause socio-political problems.

Energy and Sustainable Development

Growth is based on affordable access to critical services. Many of these facilities are powered by energy. The 'energy-system' collects resources and converts them into energy carriers that are then used in equipment and machinery to provide those services. The ‘energy-system' must be sustainable in order to provide services to current and future generations. The economy, the environment (including other physical resource or commodity systems), and society can all be affected by and interact with this "energy system." The consequences of this interaction and influence should also be handled in a sustainable manner.

Most people associate the term "energy" with a fuel or energy carrier such as oil or electricity. These energy carriers, on the other hand, are just a means to an end. Finally, there are the utilities that these energy carriers contribute to. Energy services include everything from motive power and heat in manufacturing to information and communications technology in commerce to household cooking and refrigeration. Development of the socio-economic system is impossible without energy services. The customer should be able to access those services. They should be cost-effective and satisfy real-world requirements. Access to sufficient, adequate, and appropriate energy resources for society and the environment is a critical component of sustainable growth.

Key points to consider in the ongoing energy debate

Energy decision-makers are confronted with a plethora of relevant and often opposing viewpoints. They are tasked with making sense of these viewpoints, assessing their merits, and taking action as appropriate. Below is a list of key world views that are often articulated in the energy debate, stylized in a provocative manner. They are often contradictory, and the list is far from complete. We then go through policymaker answers and the call to action that follows.

Empower the underprivileged: Over a million people die each year due to a lack of access to electricity, safe heating, and cooking, but this has gained little attention in comparison to GHG emissions reduction.

First and foremost, safety: Is there enough energy available at the right price when it is required to ensure development? Every national government has the responsibility and right to protect its energy supplies.

Behaviourally Shift: Current growth rates will cause so-called "planetary limits" to be breached, necessitating a shift in behaviour. It may also be needed for the ‘de-growth' of wealthy countries, in order to ensure equal access to services.

Sustainable Development: Lower-income countries should be encouraged to take sustainable development steps that are consistent with their development goals. Moreover, national-level mitigation initiatives are needed.

Biofuel is a bad idea: Crops used for large-scale biofuel production would boost food prices for the poor and increase our climate vulnerability.

Revolution in energy technology: The burning of fossil fuels without capture and storage must be restricted in order to achieve global GHG emission targets. A rapid shift in energy system investments is urgently needed, including large-scale investments in renewable energy, energy conservation, nuclear power, and carbon capture, among other things.

Sustainable energy technologies: Only investments in energy efficiency and renewables should be made, as only renewable ‘fuel sources' can be maintained in the long run.

Conclusion: Sustainable Energy development is a boon

There are several global efforts aimed at addressing the energy crisis. Increased regulation and restrictions on carbon emissions, promotion of greener manufacturing and building ventures, funding of research into hybrid and more sustainable technology, and other initiatives have all contributed to this.

Locally, more people are looking beyond the recycling bin and understanding the importance of how residents use their local resources. More community gardens, parks, and farmer's markets are springing up, not only as a way to introduce more sustainable elements into people's lives, but also as an important part of public education about the value of sustainability.